HWM Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $231.27 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.47

38k P / 26k C

Put/Call (Volume)

1.22

1k P / 1k C that session

30d ATM IV

40%

annualized implied move

Call wall

$250

2k contracts

Put wall

$220

10k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.47 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $250 (2k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $220 (10k contracts), 5% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-10-30. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-09	750	624	0.83	409
2026-10-16	5k	15k	2.86	572
2026-10-23	957	5k	5.31	99
2026-10-30	511	352	0.69	102
2026-11-06	43	22	0.51	210
2026-11-13	3	0	0.00	2
2026-11-20	683	3k	4.33	426
2026-12-18	3k	5k	1.48	49
2027-01-15	6k	4k	0.63	110
2027-03-19	1k	2k	1.11	31
2027-04-16	173	70	0.40	9
2027-06-17	760	249	0.33	53
2027-09-17	420	115	0.27	2
2028-01-21	3k	2k	0.66	42
2029-01-19	102	84	0.82	9

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.